EBSA News Brief
U.S. Department of Labor
For Immediate Release: October 24, 2012
US Department of Labor files complaint to restore funds to Grand Craft LLC 401(k) Plan in Grand Rapids, Mich.
Date of Action: Oct. 23, 2012
Type of Action: Complaint
Name of Defendants: Timothy Masek and Grand Craft, LLC as fiduciaries to the Grand Craft, LLC 401(k) Plan
Allegations: Timothy Masek and Grand Craft, LLC as fiduciaries to the Grand Craft, LLC 401(k) Plan
Resolution: The complaint asks the court to order Masek and the Grand Craft to correct all prohibited transactions and fiduciary breaches; restore all losses to the plan, including lost opportunity costs resulting from fiduciary breaches and prohibited transactions; to permanently enjoin Masek and the Grand Craft from serving as fiduciaries or service providers to any ERISA-covered employee benefit plan; order Masek to pay the costs for an independent fiduciary to be appointed to distribute the plan's assets to participants; and award the Secretary of Labor the costs associated with the case.
Court: United States District Court Western District of Michigan, Grand Rapids, Mich.
Docket Number: 1:12-cv-01153
U.S. Department of Labor materials are accessible at www.dol.gov. The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling 202-693-7828 or TTY 202-693-7755.